According to estimates, the financial losses of the South Korean concern amounted to at least $500 million. It was this amount that Hyundai invested in the construction and localization of production in Russia.
The former Hyundai Motor Company plant, which since 2024 has been called “AGR Avtozavod”, will ultimately remain the property of the Russian holding company AGR LLC. This was reported to Gazeta.Ru by a source close to the company.
According to him, the new owner plans to organize production at this site, which will be much larger than the current one.
In January 2024, the Art-Finance company, later renamed Avtozavod AGR and part of AGR LLC, bought out the Russian legal entity of the Korean automaker, Hyundai Motor Manufacturing Rus LLC. The deal included two production facilities in St. Petersburg: the main plant in Kamenka and the former mothballed GM plant in Shushary.
The cost of the contract was nominal and amounted to about 10 thousand rubles. However, the contract stipulated Hyundai’s right to repurchase within two years. This period ended on January 31, 2026.
The Hyundai Motor plant in St. Petersburg, opened in 2010, produced the Hyundai Solaris, Hyundai Creta and Kia Rio models. Its production capacity exceeded 200 thousand cars per year.
The operation of the enterprise was stopped in March 2022 due to disruptions in the supply of components that followed the start of a special military operation in Ukraine.
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